ADNOC Drilling and Helmerich & Payne sign a framework agreement to promote growth and improve efficiency – QNT Press Release

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  • The strategic agreement will further simplify ADNOC Drilling’s operations, reduce costs and create shareholder value

  • The framework will improve the operational resilience of ADNOC Drilling’s land drilling platform and realize expansion plans

  • The agreement will enable H&P to expand its drilling and operations expertise outside the U.S.

ADNOC Drilling Company PJSC (“ADNOC Drilling” or “Company”) (ADX code: ADNOCDRILL / ISIN: AEA007301012) and Helmerich & Payne, Inc. (“H&P”) (New York Stock Exchange:life value) Today jointly announced the finalization of a framework agreement (“Framework Agreement”) for the commissioning of drilling rigs.

This press release features multimedia. View the full version here: https://www.businesswire.com/news/home/20211219005072/en/

The framework agreement will improve ADNOC Drilling’s land rig operational performance and support its ambitious growth and expansion plans. The framework agreement focuses on improving drilling efficiency and releasing operating costs. Based on the asset purchase agreement and IPO cornerstone agreement announced on September 8, 2021, it further strengthens the strategic alliance between ADNOC Drilling and H&P.

Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said: “The rig commissioning framework agreement announced today is a natural evolution of our strategic alliance with H&P and the growth trajectory of ADNOC Drilling. By sharing global best practices and further optimizing our world-class rig ship The agreement enhances ADNOC Drilling’s significant competitive advantage, enabling us to further utilize and consolidate our leading position as the largest national drilling company in the Middle East and the only national drilling company providing drilling services from start to finish. …

The full story can be found on Benzinga.com

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